Condo Insurance – Ontario

Whether you’re in a high-rise building or a spacious loft, life happens in your condo, and we’re here to protect it. This might be your first home-owner experience, or you’re downsizing from owning a home for years. No matter what led you to condo life, it’s great for low maintenance and stress-free living so that you can focus on what’s most important. Your condo may be a significant investment in your life; let us help protect it.

As your local insurance experts, we know that each condo in Ontario is unique in its own way. From the hustle and bustle of condos in high-rise buildings in the GTA to the serenity of the smaller communities in western Ontario. It’s not hard to understand why people are proud to call Ontario home.

We understand it’s vital to protect what’s most important to you and your family. Our expert insurance advisors are here to ensure you’re protected and provide peace of mind so you can focus on what’s important in your life.

Why Choose Westland?

We know that your insurance needs to match your goals, your lifestyle and your budget. Our expert condo insurance advisors get to know you, so that they can tailor a policy to your exact needs.

We’ll find the best coverage for you at the right price so that you can continue to live your life the way you want to.

Insurance can be complex sometimes. Let our expert insurance advisors do the heavy lifting! We’ll help you find a policy that you feel is the best fit and provides peace of mind. To learn more about the benefits of being a Westland client, click here.

Condo Insurance Explained

Condo insurance not only protects your own space but the shared spaces with your neighbours as well, from the special touches within your space to coverages that protect you even when you aren’t at home. Condo corporations have insurance that generally covers the whole building in terms of the structure and common areas. Your condo policy provides coverage for your personal belongings and betterments or improvements you’ve made to your space.

That’s just the beginning! We have access to all the best condo insurance products in Canada. No matter what protection you need, we’re sure to have a solution for you!

Your belongings are more than just furniture collected over the years. It’s electronics and clothing jewellery, and even sports equipment and musical instruments. including your storage locker in the building that houses belongings as well. You may be surprised that the value of your items adds up to more than you thought. If your personal property needs to be replaced due to a claim, you’ll be glad you had the right coverage in place.

Whether you’ve been hard at work improving your space or have benefited from the previous owner’s renovations, these investments need to be reflected in the value of your condo. Upgrades or improvements to the standard unit can include cabinets, lighting, flooring, countertops, etc.

This coverage is a crucial aspect of your condo policy. This protection covers yourself and any people who live in or visit your condo if you’re sued, whether someone is hurt while in your condo or something unintentionally happens that causes damage. Suppose you’re hosting guests and someone trips on your entryway rug. They suffer a broken arm and can sue you for medical expenses. Your liability coverage can step in to cover the costs.

Suppose your condo can’t be occupied due to a related insurance claim; your condo insurance policy will cover living expenses during this time. The cost of alternative living arrangements will be covered, even extending to meals until you’re back home.

If the condo corporation/association policy doesn’t cover the total damage to common areas, this will cover your share. It can also respond if there are insufficient funds in the case of a lawsuit against the corporation/association.

How Much Does Condo Insurance Cost in Ontario?

Condo Insurance Location Monthly Price
Thunder Bay $46
Kenora $67
Canada $32

Condo insurance rates will vary from one city or town to the next in Ontario. Insurance companies will use rate tables to create the price for home insurance within territories based on experience ratings, exposure to risk, claims data, etc. Pulling from our experience in Ontario, we’ve put together examples of monthly condo insurance prices that we see most often. For a quote specific to your needs, connect with us today!

What Factors Determine the Cost of Condo Insurance?

There are so many types of condos, which means not all policies will cost the same. Aside from the type of policy and coverage that you choose, factors that affect your condo insurance price include:

  • Property Type
    A high-rise condo compared to a bare land condo will each have different rates
  • Location
    Postal codes provide insight into areas prone to flooding, vandalism, and other claims made
  • Upgrades and Improvements
    Any improvements from the standard unit will need to be factored in
  • Claims History
    There may be a discount applied if you’ve never had a claim
  • Credit Score
    You can choose to a have a soft touch credit check to apply a discount, depending on your credit score
  • Building Construction
    The materials used to build the structure as well as those specific to your unit

Review Your Insurance and Get a Quote with Westland

Ready to discuss your insurance needs? Our expert advisors are here to review your current insurance policies, discuss your unique needs, and find the perfect condo insurance policy for you. Whether it’s over email, the phone or in person we are ready to help! To get started on a quote now and see price estimates for your condo coverage, click the button below. Our advisors will contact you right away and help navigate your risk management needs. Of course, we are always available to talk over the phone or in person. Check out our locations page to connect with an office closest to you!

Request a quote

Ways to Save on Condo Insurance in Ontario

  • Mature Customer
  • Claims Free
  • Local or Monitored Alarm
  • Sprinkler
  • Water Leak Detection Device
  • Company Loyalty

Optional Protection Available to Enhance Your Coverage

Based on where your condo is located as well as your lifestyle, there may be additional coverages available to you, such as:

  • Identity Theft
  • Home Based Business
  • Watercraft
  • Overland Water
  • Sewer Backup
  • Service Line Coverage
  • Home System Protection/Home Equipment Breakdown
  • Condo Unit Owners Loss Assessment Coverage
  • Condo Unit Owners Improvement Coverage
  • Condo Deductible Assessment

Claims Example

Water damage is the most common claim we see when it comes to condo ownership. Appliances can fail unexpectedly, such as a supply line, and cause flooding throughout your space. This can cause upwards of $10,000 worth of damage. The right condo insurance policy will help mitigate these risks and get you back to your normal as quickly as possible.

Our goal is to find the best coverage for you so that you can continue to live your life the way you want to. To learn more about being a Westland client, click here.

10 Fun Facts About Ontario

  1. Ontario is larger than Spain and France…combined! It covers more than one million square kilometres .
  2. If you’re a fan of Oktoberfest, you’ll want to visit Kitchener. Even though it only has 200,000 people, it is the home to the largest celebration outside of Germany.
  3. The Great Wayne Gretzky , the all-time leading scorer in the NHL, was born in Brantford in 1961.
  4. With half of Toronto’s population being born outside of Canada, it has the best restaurant varieties. There are over 8,000 options serving food from around the globe.
  5. Niagara Falls consists of three different waterfalls . Horseshoe Falls, American Falls, and Bridal Veil Falls make up this natural wonder.
  6. The most Canadian law exists in Ontario. This law states that saying “sorry” isn’t an admission of guilt.
  7. Lake Ontario is an excellent destination for scuba diving . There is a shipwreck from 1798 that you can check out and a U.S. Air Force c-45 aircraft.
  8. Toronto is the only Canadian city that has seven major league sports teams!
  9. During the winter, the Rideau Canal in Ottawa becomes the longest skating rink in the world. It spans 7.8 kilometers long.
  10. The bottom of Lake Ontario is so cold that skyscrapers use it for their AC as a coolant source.
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